April 23, 2018 – Toscana Energy Income Corporation (“Toscana Energy” or the “Company”) (TSX: TEI) held itsextraordinary meeting (the “Meeting”) of holders (“Debentureholders”) of 6.75% convertible unsecured subordinated debentures of Toscana due June 30, 2018 (“Debentures”) on April 23, 2018 in Calgary, Alberta. An aggregate of $10,499,000 principal amount of Debentures, representing approximately 52.50% of the issued and outstanding Debentures, were represented in person or by proxy at the Meeting.

Toscana is pleased to report that the special resolution to amend the Debentures to:

a) extend the maturity date of the Debentures from June 30, 2018 to June 30, 2021;

b) increase the interest rate of the Debentures from 6.75% to 7.25% per annum effective June 30, 2018;

c) reduce the conversion price in effect for each common share in the capital of the Company (“Common Share”) to be issued upon the conversion of the Debentures from $19.70 per Common Share to $1.00 per Common Share;

d) permit the Company to redeem all or a part of the Debentures, upon notice as provided in the Indenture, at the redemption prices (expressed as percentages of principal amount set forth below, plus accrued and unpaid interest, if any, on the Debentures redeemed, to the applicable date of redemption, if redeemed during the 12-month period beginning on June 30 of the years indicated below:

Year

Percentage

2018

103%

2019

102%

2020

100%

e) to make such other consequential amendments as required to give effect to the foregoing was approved as follows:

Votes For

Votes Against

Number

Percentage

Number

Percentage

9,390

89.44%

1,109

10.56%

The required approvals from the holders (“Shareholders”) of Common Shares were also received at the annual and special meeting of Shareholders on April 23, 2018. Toscana and Computershare Trust Company of Canada will finalize the supplemental indenture to implement the amendments to the Debentures, which will be effective as of June 30, 2018.

Current certificates representing Debentures remain valid as they are and are deemed to reflect the amended terms; however, should a Debentureholder wish to exchange such Debentureholder’s current certificate for a certificate containing the amended terms, please contact Computershare Trust Company of Canada at corporatetrust.calgary@computershare.comor (403) 267-6800.

About Toscana Energy Income Corporation

Toscana Energy is a conventional oil and gas producer with the mandate to acquire high quality, long life oil and gas assets including royalties, non-operated working interests and unitized production for yield and capital appreciation.